IRVING, Texas -- CEC Entertainment, Inc., parent company of Chuck E. Cheese's Pizza, today announced the Company earned $16.2 million or $0.57 per share on a diluted basis for the third quarter ended September 30, 2001.
Third quarter 2001 saw solid improvement over the same period in 2000:
Revenues increased to $141.8 million from $130.3 million;
Net income increased to $16.2 million from $15.3 million;
Earnings per share, on a diluted basis, moved to $0.57 per share from $0.55.
Revenues for the first nine months of 2001 increased to $432.4 million from $390.7 million in the first nine months of 2000. Net income in the first nine months of 2001 increased to $53.7 million from $46.1 million in the same period of 2000. Earnings per share on a diluted basis in the first nine months of 2001 were $1.87 per share compared to $1.66 in the first nine months of 2000.
Richard M. Frank, Chairman and Chief Executive Officer stated that, "Comparable store sales increased 0.5 percent in the third quarter and 2.0 percent on a year-to-date basis due primarily to the continued strong sales performance of Phase 3 remodels," (the latest store redesigns for the Chuck E. Cheese system. Frank expects that 40 percent of the CEC system will bear this design by the end of the year).
Frank also said he was pleased that comparable store sales increased 2.6 percent in August and 1.4 percent in September, despite the softening economy.
Rodney Carter, Chief Financial Officer stated that, "Considering year-to-date results, a difficult economic environment, continued higher cheese costs and utility expenses in the fourth quarter, our current earnings outlook for 2001 is an increase of 15 percent to 16 percent in net income or $2.21 to $2.24 per diluted share, consistent with prior guidance."
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